-101-
decide, not whether the Treasury Regulation represents the best
interpretation of the statute, but whether it represents a
reasonable one. See Cottage Savings Assn. v. Commissioner, 499
U.S. 554, 560-561 (1991).”
Accordingly, the questions in the instant case are: (1)
Whether, in denying a foreign corporation an allowance for
deductions and credits (without distinction, deductions) unless
the foreign corporation files a true and accurate income tax
return within the time limits set forth in section 1.882-4(a)(2)
and (3)(i), Income Tax Regs., the Secretary has contradicted the
unambiguously expressed intent of Congress; and, if that cannot
be said, (2) whether the time limits imposed by the Secretary
constitute a permissible construction of section 882(c)(2).
Before proceeding, it may be helpful to establish some
terminology regarding the time for filing returns. I find the
majority’s use of the term “timely” confusing. For example, on
page 4 of its report, the majority uses the term “timely” to
mean both a return filed on or before the due date established
by section 6072 (see note 3) and a return filed after the due
date but before the “arbitrary 18-month deadline * * * devised
by the Secretary.” I use the term “on-time” to describe a
return filed on or before the date established by the relevant
provision of a statute and the term “timely” to describe a
return filed after that date but before some date after which
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